Martin Shkreli faces 20 years for alleged Ponzi scheme

On behalf of Arthur Aidala of Aidala Bertuna & Kamins posted in White Collar Crimes on Tuesday July 4, 2017.

New York residents who have heard about the ongoing trials of former pharmaceutical executive Martin Shkreli may be interested to learn that, on June 26, more than 100 potential jurors in his fraud case ruled themselves out. The dismissed jurors said that they would be unable to reach an impartial decision due to his notoriety.

Shkreli came into the spotlight in 2015 after he reportedly raised the price of an HIV drug by more than 5,000 percent of its original cost. He was ultimately taken into custody in the same year after he was accused of running a Ponzi scheme. He was accused of taking money from new individuals who were investing in his drug company to pay off his mounting debts. It was believed he stole about $11 million from investors.

One juror was dismissed by the judge after he or she accused Shkreli of being “the face of corporate greed.” Another juror was dismissed after she confided that she called the man “a snake” in her head when she saw him sitting at the defense table. If Shkreli is convicted of fraud, he could face a maximum of 20 years in prison.

Those who are accused of being involved in a Ponzi scheme or other fraud scheme could be facing serious legal consequences if they are convicted. The most serious consequences could include a lengthy jail sentence and thousands, if not millions, in fines depending on the size of the alleged scheme. A white-collar crime attorney may mount a strong defense for an accused person after going through the evidence to determine if there is any basis to the allegations.